About The Loonie Adventures of a Forex Noob

“Huck loves her bucks!” I always say. The problem, of course, is how to make those bucks!! In this blog, I'll be posting my adventures as I traverse the forex world, while trying to catch some pips along the way. To do this, I will make use of classical charting methods as well as develop my own mechanical system. Not only will I talk about FX, but I'll also share how my day went along with any currency trade updates. Hopefully, by the end of this tale, I'll be able to achieve my goal of becoming a consistently profitable foreign exchange trader.

Surprisingly, the pound FELL across the board at the report’s release. My buddies Pipcrawler and Cyclopip believe it’s because traders are now bracing for the next potential market mover – the FOMC minutes. Word around the hood is that Janet Yellen would give Carney a run for his pips in terms of economic optimism.

In any case, I have decided to close my position for a 107-pip gain equivalent to 0.53% of my account ahead of the FOMC statement. Not bad for a couple days’ worth of trade! I’m still fundamentally bullish on the pound (who wouldn’t be?) so I’ll also watch closely for another chance to enter a long trade.

Let me know if you have ideas on potential entry opportunities!

P.S. You can contact me via @LoonieAdventure on Twitter and the Loonie Adventures Facebook page if you’re having trouble commenting.

I’m still waiting a max. at 1.7042. I think a test there, is likely to happen soon. That is an interesting level to set a take profit for the long positions or to try to gain further pips with the bounce back. I suggest to wait before re-opening the long position if you have already close the trade. I would rather wait the break out confirmation.

Have a nice day!!!

Fumagalli Key to Markets

Hucklekiwi Pip

Thanks for your tip! I did wait for another bounce and entered at 1.7030. Are you in a long trade yet? 🙂

Mike S

I wonder if it’s the fact that rate increases will more than likely be gradual.